Futures Drop Ahead Of Jobless Claims, GDP

Futures Drop Ahead Of Jobless Claims, GDP

Dow Jones futures, along with other major indexes, remained lower Thursday morning after weekly jobless claims and quarterly GDP data came in weaker than expected. Dow Jones giant Selling power (RCMP) plunged on the stock market today following the company’s earnings release, while the artificial intelligence giant Nvidia (NVDA) was looking to set more records.


Before the opening bell, Dow Jones futures lost 0.8% from fair value, while S&P 500 futures fell 0.3%. Tech-focused Nasdaq 100 futures fell 0.2% in premarket trading.

Early Thursday, the yield on the 10-year Treasury fell to 4.59%. Oil prices fell as West Texas Intermediate futures traded around $78.70 per barrel.

Among us exchange traded fundsthe Invesco QQQ trust (QQQ) lost 0.3% and the SPDR S&P 500 ETF (TO SPY) fell 0.4%.

Stock market today: unemployment claims, GDP

The first unemployment registrations from the Ministry of Labor reached 219,000 compared to 215,000 the previous week. They are expected to reach 217,000, according to Econoday estimates.

Additionally, the Commerce Department’s second estimate of first-quarter GDP fell to 1.3% from 1.6% in the first estimate. It was expected to fall to 1.5%. Personal consumption expenditure, growing by 2.5% in the first estimate, fell to 2.0% in the second estimate. They are expected to slow to 2.2%, according to Econoday.

Among individual actions, Salesforce software giant plunged nearly 17% after the company reported first-quarter earnings that beat estimates, while revenue missed estimates. Salesforce’s revenue outlook for the July quarter came in well below expectations.

Meanwhile, Nvidia lost 0.2% on Thursday, but shares hit new record highs on Wednesday. The company is a MII classification action. Last week, Nvidia stock surpassed a secondary point of purchase at 974, reaching new highs.

Other key earnings drivers on Thursday included Best buy (BBY), C3.ai (AI) And Foot locker (FL), with HP (HPQ), Kohl’s (KSS), Okta (OKTA), Pure storage (PSTG) And UiPath (PATH).

Best Buy shares rose more than 8%, while C3.ai shares jumped almost 10%. Foot Locker stock jumped 15% and HP stock jumped nearly 5%. Kohl’s stock fell nearly 26%, while Okta rose more than 5%. Finally, Pure Storage Shares jumped almost 9%. And UiPath stock crashed 30% on the stock market today.

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Dow Jones Slides

On Wednesday, the Dow Jones industrials slipped nearly 1.1%, while the S&P 500 fell 0.7%. The Nasdaq composite index lost 0.6%.

Wednesday’s Investor’s Business Daily Big Picture column commented: “IBD has maintained the current outlook at a target exposure range of 60% to 80%, despite notable market achievements of late – whether the Dow 40,000, Nasdaq 17,000 or simply key indices reaching new highs.

During Wednesday’s IBD LiveThe IBD Live team discussed current business conditions and how investors should handle the stock market today.

Now is an important time to read The Overview section in the middle of the current stock market action. Also be sure to read about how to adapt to changing market conditions, with New levels of IBD exposure.

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Stock market today: the best stocks to watch

monday.com (MNDY), Netflix (NFLX) And Crocs (CROX) — plus Dow Jones components Apple (AAPL), Merck (MRK) And Microsoft (MSFT) – are among the best companies to watch on the stock market today.

Microsoft was featured in the IBD Column Stocks close to a buy zone as it trades just below a 430.82 buy point.

In IBD MarketSurge’s “Breaking Out Today” List, Apollo Global Management (APO) is trying to break through a buy point of 117.15. Check MarketSurge “Near the Pivot” List for stocks near buy points in the bases. To find more action ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks close to a buy zone.

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Dow Jones Merck Component

Pharmaceutical giant Merck is building a flat base with an entry at 133.10, but shares fell below their 50-day line this week. The stock rose slightly on the stock market today.

Recent IBD Stock of the Day Crocs remain significantly above a 146.79 buy point in cup basis, despite falling 0.8% on Wednesday. Crocs stock gained 0.9% in premarket trading Thursday.

Outside of the Dow, Monday.com remains above the base 239 a cup. point of purchasedespite recent losses, according to Increase in ITN market. Shares were down nearly 1% Thursday morning.

Streaming giant Netflix climbed nearly 1% on Wednesday, still above the 639 cup entry but still within buying range. Netflix stock fell slightly premarket Thursday.

Find the best stocks to buy and watch with the IBD Stock Analyzer and IBD Screen of the Day

Stock market today: companies to watch

These are four stocks that are in or near buy zones in the current stock market.

Company NameSymbolCorrect purchase pointPoint of purchase type
Microsoft (MSFT)430.82Flat base
Netflix (NFLX)639Cup base
Crocs (CROX)146.79Cup base
Taiwan Semiconductor (TSM)148.43Double bottom
Source: MII data as of May 28, 2024

Join IBD experts as they analyze the top stocks in the stock market today on IBD Live

Seven Magnificent Stocks: Tesla

Among the actions of the Magnificent Seven, You’re here (TSLA) rose 1.3% on the stock market today.

Tesla stock fell 0.3% on Wednesday, still clinging to its 50-day line. Shares remain about 40% off their 52-week high.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones Stocks In the Magnificent Seven, Apple and Microsoft negotiated mixed trading ahead of Thursday’s open stock exchange.

Apple stock rose slightly on Wednesday, still forming a cup base with a 199.62 buy point. Stocks rose slightly on Thursday.

Microsoft shares were down 0.3% on Wednesday, just below the 430.82 buy point, after a brief breakout attempt last week. Early Thursday, Microsoft stock fell 1.2%.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average and the stock market today.


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